Roma Abandon Plans for Petrol Dollars Investment

Roma officially announced on Friday the termination of plans to have a Gulf multi-millionaire invest in the club.

The Serie A club announced last month that it was set to receive two cash injections of up to 50 million euros ($65 million) by Sheikh Adnan Adel Aref al Qaddumi al Shtewi, allowing him to become an official stakeholder before the end of March.

Reports had suggested the investment would prompt a board shake-up that would see American James Pallotta -- part owner with Thomas Di Benedetto and Richard D'Amore -- become the outright owner with a stake of 50-60 percent.

However Roma announced on their website the transaction would now not go through, after the money failed to materialize.

A statement on asroma.it said: "While it is unfortunate that this transaction did not close, it will not impact the health of the team.

"As always, ownership and management are 100% committed to strengthening the AS Roma franchise in order to deliver a great team to our loyal fans and to the people of Rome."

It is believed the investment was primarily sought to help build a new stadium for the team, who currently play out of the Olympic Stadium, alongside Serie A rivals Lazio.

Roma said they would now focus on working alongside current partner, Italian bank Unicredit, as well as on a new deal with sports manufacturing giant Nike.

"We will continue to work closely with UniCredit to meet the club's capital needs," added the statement.

"We look forward to building on our initiatives to enhance the team's brand, including the construction of a world-class stadium in Rome and the team's exciting new partnership with Nike."